Executives in Bay Area companies are laying off staff to allocate resources for investing in artificial intelligence, such as Dropbox aiming to hire engineers skilled in AI after laying off 500 workers in April 2023.
Dropbox CEO Drew Houston emphasized the importance of AI over other technologies, comparing it to historical innovations like fire and electricity, defending the layoffs as necessary to drive the company's success.
Other companies, like Chegg, are also reducing staff numbers to focus on AI strategies, highlighting a growing trend in the tech industry where AI investments are prioritized over workforce retention.
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